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1  Bitcoin / Bitcoin Technical Support / Re: Going from dumb to smart BTC management on: March 01, 2024, 10:09:39 AM

From everybody I guess lol. Maybe that one exchange itself isn't a problem, but if a nation state would want to disclose everyone owning BTC, the exchange would of course hand over the information. I just like the idea that no one would be able to link me with a BTC address. At least at the moment given that not too many public organizations are BTC friendly. I don't think them embracing BTC in the future is given by any means.

Even if you hide your funds, and they can't link you to a specific Bitcoin address, they'll still link you to Bitcoin itself. If they knock on your door and ask you what you did with your Bitcoin, what are you going to tell them?


Yea, thought of this while writing the previous message. The authoriatarian state probably wouldn't care if I had a boating accident, they'd just imprison me either way Cheesy Maybe it is just the idea of privacy that I'm attracted to. Probably the benefits of "Keeping a legal record of ownership" as you said,outweight the benefits of achieving unlinkability(is this a word?). Especially since the KYC mistake has already been made.
2  Bitcoin / Bitcoin Technical Support / Re: Going from dumb to smart BTC management on: March 01, 2024, 09:05:15 AM
What problem are you trying to solve? Is it a problem that one KYC exchange knows how many coins you own? Who are you trying to hide from?

From everybody I guess lol. Maybe that one exchange itself isn't a problem, but if a nation state would want to disclose everyone owning BTC, the exchange would of course hand over the information. I just like the idea that no one would be able to link me with a BTC address. At least at the moment given that not too many public organizations are BTC friendly. I don't think them embracing BTC in the future is given by any means.

Keeping a legal record of ownership can also benefit you in the future: if you want to sell some Bitcoin when it's worth a lot more, chances are the exchange, your bank or the tax man will ask questions. If you can answer: "I bought them at this exchange", it makes your life a lot easier than if you have to explain why you tried to hide your ownership.

This is a really good point which I hadn't thought. I guess mention authorities would ask the question even if I had just sent BTC to a mixer.
Gonna have to give this some thought.
 
3  Bitcoin / Bitcoin Technical Support / Re: Going from dumb to smart BTC management on: March 01, 2024, 07:54:24 AM
You can't make yourself untraceable. You can send them through CoinJoin or mixers which can break the link. You must ensure that you do not mix your addresses and thereby forming a link.

Centralized KYC exchanges are known to block and ban accounts which deposits money from a mixer. You should take this into consideration as well and avoid spending funds linked with mixers to your exchange addresses.


Thanks Smiley Yeah, this is actually what I meant. Not making myself untraceable per se, but rather breaking the link. I will switch to a non-KYC exchange though so getting this particular public key banned wouldn't bother me anyway.
Let's see if the quote work, no idea how the formating works here Cheesy
4  Bitcoin / Bitcoin Technical Support / Going from dumb to smart BTC management on: March 01, 2024, 06:08:29 AM
Greetings Smiley

I'm kinda of a BTC noob looking from guidance on switching the way I store my BTC and thereby enhancing my privacy and safety of storage.

My current scenario: I've been dumb enough to buy my BTC via a KYC exchange. I've also not switched the public key between withdrawals. I'm currently using Exodus hot wallet but would like to switch to cold storing my BTC. Also, I'm not looking to spend my BTC any time soon, so security over accessability is preferred.

Questions I have:
- How do I make myself untraceable in the network? That is, how do I get my BTCs to a new address, that is not linked to my ID via the KYC exchange?
- How do I keep the costs as low as possible?
- What would be the best storing solution for long term BTC storing? I guess some kind of an multi-sig solution would be the best?

My sincerest thanks to everyone answering Smiley
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